Royal Bank of Canada is cutting its posted and promotional rates on a popular consumer mortgage product because of lower funding costs.
Toronto-based RBC said the new rates, which take effect Tuesday, include a 0.10 per cent reduction on its five-year fixed rate mortgage to 5.19 per cent.
It is also trimming its “special fixed rate” offer on five-year closed mortgages by the same amount to 3.79 per cent. That promotion rate can change without notice, the bank said.
By Rita Trichur | Mon Nov 8 2010
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